GASB Information

 GASB Changes to Employer Pension Reporting

GASB logo Significant pension reporting changes have been developed by the Governmental Accounting Standards Board (GASB) that will impact the Arizona State Retirement System and its participating employers.

GASB Statement 67, Financial Reporting for Pension Plans, and GASB Statement 68, Accounting & Financial Reporting for Pensions, were issued by the GASB in June 2012 and become effective as of fiscal year end June 30, 2014 and June 30, 2015, respectively. GASB 68 may have a significant impact on employers’ financial statements.

The new standards contained in GASB Statement 68 set divergent methodologies for pension funding and financial reporting. GASB 68 requires employers to report their proportionate share of the net pension liability in their financial statements. Calculation of pension expense for employers will change, and deferred outflows of resources and deferred inflows of resources related to pensions will also be reflected on the financials. There will also be substantial financial statement note disclosures and additional required supplementary information related to the employers’ participation in the ASRS.

Established in 1984, GASB is the independent organization that establishes and improves standards of accounting and financial reporting for U.S. state and local governments. These changes were promulgated by the GASB in order to improve transparency in financial reporting, enhance decision usefulness of information, assess accountability and inter-period equity and improve comparability of reported pension information.

The GASB has an information page related to this issue. View it here


The ASRS GASB 68 & 75 Reports are now available for viewing and download:

GASB 68 & 75 Reports (as of June 30, 2023)

GASB 68 & 75 Reports (as of June 30, 2022)

GASB 68 & 75 Reports (as of June 30, 2021)

GASB 68 & 75 Reports (as of June 30, 2020)

GASB 68 & 75 Reports (as of June 30, 2019)

GASB 68 & 75 Reports (as of June 30, 2018)

GASB 75 OPEB Report (as of June 30, 2017)

GASB 68 Report (as of June 30, 2017)

GASB 68 Report (as of June 30, 2016)

2015 GASB 68 Report (Updated July 11, 2016)

2013 & 2014 GASB 68 Report (Updated July 20, 2015)

Frequently Asked Questions
For the most commonly asked questions our Employers have about GASB reporting, please visit the GASB Q&A page which contains the most up-to-date information and resources. - Updated July 20, 2015
GASB 68 Q & A

GASB 68 Implementation Presentation for ASRS Employers (24 minutes) - Updated January 2015

GASB 68 Implementation Presentation Transcript GASB 68 Implementation Presentation Transcript

Please submit comments and questions to:  [email protected]

Was this page helpful?: 
Average: 3.9 (10 votes)